Apollo Global Management

Apollo sells Yellow term loan to Citadel

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Apollo Global Management has sold the term loan it held for Yellow Corp. and has withdrawn its...

https://www.freightwaves.com/news/apollo-sells-yellow-term-loan-to-citadel

Sorting out Yellow’s secured debt: Ratings agency doesn’t declare default yet

One aspect of the Yellow bankruptcy that looms in the background is that the LTL carrier has not defaulted on its senior secured debt and may not do so.

Buried within a more than 300-page document that spells out the provisions of the debtor-in-possession (DIP) financing that Yellow has obtained from Apollo Management is the history of the “roll-up” agreement that the filing says has been agreed upon by the other secured lenders.

In a bankruptcy, lenders of the DIP funds go to the head of the...

https://www.freightwaves.com/news/sorting-out-yellows-secured-debt-ratings-agency-doesnt-declare-default-yet

Yellow reported to be nearing deal for bankruptcy loan

Less-than-truckload carrier Yellow Corp. is reported to be nearing a deal with lenders that will provide it funds as it approaches a liquidation of assets in bankruptcy.

Apollo Global Management (NYSE: APO), one of Yellow’s current lenders, is reported to be leading a group that will provide Yellow with new capital in the form of debtor-in-possession financing, according to Bloomberg and Reuters. The investment could be a way for Apollo to secure a position atop the pecking order in a bankruptcy...

https://www.freightwaves.com/news/yellow-reported-to-be-nearing-deal-for-bankruptcy-loan

Atlas Air shareholders ratify go-private sale to Apollo consortium

Atlas Air Worldwide said shareholders voted Tuesday to approve the company’s sale to a group of private investors, led by Apollo Global Management (NYSE: APO).

The provider of aircraft leasing and outsourced air cargo and passenger operating services said shareholder approval for the buyout was “overwhelming,” with 99.3% votes in favor representing 81% of the outstanding shares of stock. 

The private equity consortium, which includes J.F. Lehman & Co. and Hill City Capital, agreed to acquire...

https://www.freightwaves.com/news/atlas-air-shareholders-ratify-go-private-sale-to-apollo-consortium

Apollo-led investors acquire cargo airline Atlas Air for $5.2B

A white Atlas Air jumbo jet with blue tail, and gold lettering flies in blue sky.

Freighter airline Atlas Air Worldwide announced Thursday it is being acquired by investment funds led by Apollo Global Management in an all-cash deal that values the company at $5.2 billion and takes the company private. The buyout signifies a strong endorsement of future growth prospects for the air cargo industry.

Rumors had swirled all week that Atlas Air (NASDAQ: AAWW) was in final negotiations with Apollo on a buyout. Partnering with Apollo on the investment are J.F. Lehman & Co. and Hill...

https://www.freightwaves.com/news/apollo-led-investors-acquire-cargo-airline-atlas-air-for-52-billion

Blume Global lands $500M valuation with Bridgepoint deal

Cloud-based logistics company Blume Global announced Wednesday it has raised new equity from Bridgepoint Group to continue its work to digitize customers’ supply chains, driving down waste and inefficiencies through automation and visibility applications.

While Blume Global did not disclose the amount of capital it received from Bridgepoint, which joins existing equity investors Apollo Global Management (NYSE:APO) and EQT, it did reveal the transaction now takes the value of the company to $500...

https://www.freightwaves.com/news/blume-global-lands-500m-valuation-with-bridgepoint-deal

Congress escalates probe into Yellow’s $700M COVID loan

Congress is stepping up its scrutiny of Yellow Corp. (NASDAQ: YELL) and its $700 million CARES Act relief loan following reports alleging the company may have been ineligible for the funds and then misused them.

In letters sent on Thursday to Treasury Secretary Janet Yellen, Department of Defense (DOD) Secretary Lloyd Austin, Yellow CEO Darren Hawkins and Crowley Logistics, Rep. James Clyburn, D-S.C., chairman of the Select Subcommittee on the Coronavirus Crisis, requested documents on whether...

https://www.freightwaves.com/news/congress-escalates-probe-into-yellows-700m-covid-loan

Michaels to offer same-day delivery through Instacart

Michaels (NASDAQ: MIK) is the latest retailer to sign up with Instacart for delivery of its products in select markets.

The arts and crafts retailer will offer same-day delivery of its products from nearly 100 Michaels stores across Chicago, Dallas and Washington, D.C., the company said. The pilot program is expected to be followed by a full nationwide rollout of the service.

“Michaels is here for the Makers and we are thrilled to be the first arts and crafts retailer to be on the Instacart...

https://www.freightwaves.com/news/michaels-to-offer-same-day-delivery-through-instacart

Vista’s SPAC exit of Omnitracs on ice

What a difference a few days make.

Earlier this month, Vista Equity Partners was in talks to combine its auto technology trio — Omnitracs, Solera Holdings Inc. and DealerSocket — to go public under blank-check firm Apollo Strategic Growth Capital (NYSE:APSG). 

Bloomberg reported on Thursday, however, that the potential $15 billion transaction has been halted, according to people familiar with the matter, and it is unclear if talks will continue. 

Reports are attributing this to the recent decline...

https://s29755.pcdn.co/news/vistas-spac-exit-of-omnitracs-on-ice

Vista eyes SPAC for another attempt at Omnitracs exit

The blank-check firm Apollo Strategic Growth Capital (NYSE:APSG) is in talks to combine three of Vista Equity Partners’ auto technology companies to go public, according to a Bloomberg report. The portfolio companies — Solera Holdings Inc., DealerSocket Inc. and Omnitracs — are reported to be valued at $15 billion and could reach a deal within weeks.

The SPAC combination would be at least the fourth time Vista has tried to exit its investment in Omnitracs, and a merger with Vista portfolio...

https://s29755.pcdn.co/news/vista-eyes-spac-for-another-attempt-at-omnitracs-exit

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